The numbers show that home prices in the 20 largest cities in the U.S. fell even more in September. This was due to high mortgage rates and historically high levels of availability.
In September, the S&P CoreLogic Case-Shiller 20-city house-price index went up 0.2% from the month before.
Prices of homes in the 20 biggest cities in the U.S. went up 4.6% in the year ended in September.
This is a slowdown from the previous month, when it went up by 5.2%. Dow Jones Newswires and the Wall Street Journal polled economists and found that they thought the 20-city index would go up by 4.8%.
The national index, which is a more general measure of home prices, went up 0.3% in September and 3.9% over the past year. All of the numbers have been changed to account for the seasons.
The smallest rise in home prices since September 2023 was seen today.
The 20-city and national measures both hit new record highs in September, even though prices are rising less quickly.
Important facts: The index showed a drop in home prices before seasonal changes were made.
The national index went down 0.1% and the 20-city index went down 0.3% from August to September.
When you look at just the cities, New York had the biggest year-over-year home price gains in September. The cost of things went up by 7.5%.
Denver had the slowest growth in home prices, at 0.2%.
| City | Change from last year |
| Atlanta | 3.3% |
| Boston | 4.4% |
| Charlotte, N.C. | 4.6% |
| Chicago | 6.9% |
| Cleveland | 7.1% |
| Dallas | 1.1% |
| Denver | 0.2% |
| Detroit | 5.3% |
| Las Vegas | 6.7% |
| Los Angeles | 4.6% |
| Miami | 3.9% |
| Minneapolis | 2.3% |
| New York | 7.5% |
| Phoenix | 1.8% |
| Portland | 1% |
| San Diego | 4.7% |
| San Francisco | 1.9% |
| Seattle | 5.1% |
| Tampa | 1% |
| Washington, D.C. | 5.3% |
| Composite-20 | 4.6% |
In a different report, the Federal Housing Finance Agency said that home prices went up 0.7% in September compared to the previous month and 4.4% over the past year.
The gain in home prices slowed down in the third quarter of 2024, the government said. Anju Vajja of the FHFA said in a statement, “House prices continued to rise because housing demand outpaced the locked-in housing supply. However, higher house prices and mortgage rates likely contributed to the slowdown in price growth.”
In September, the middle price of a previously owned home was $406,700, and the middle price of a brand-new home was $426,300.
High mortgage rates and record-high home prices are having an affect on the housing market as a whole.
Prices are rising more slowly because people aren’t buying homes as quickly as they used to.
In the next few months, prices may lose even more ground. The most current Case-Shiller index shows that the 30-year mortgage rate was mostly below 7% in July, August, and September. However, it went up sharply after the election in early November.
What S&P said: “Home price growth stalled in the third quarter, after a steady start to 2024,” said Brian D. Luke, head of commodities, real estate, and digital assets at S&P Dow Jones Indices.
It was in the Northeast and Midwest, led by New York, Cleveland, and Chicago, that prices rose the most, he said.
What do they mean? “In the past, the [home-price index] has shown that home prices rise between August and September.” “This year, the September data could show that home prices will rise less quickly in the coming months,” said Lisa Sturtevant, chief economist at Bright MLS.
